How to Select a Deductible for Your Auto Insurance Policy

Any vehicle owner in Elmira, NY, is required to purchase the minimum auto insurance mandated by New York law. However, you have the option to choose your deductible, giving you control over how much you spend on insurance each month.

Setting a Deductible: How It Works

The higher your deductible, the lower your insurance premiums will be. However, a high deductible means you will need to pay more out-of-pocket if you are involved in a vehicle accident compared to having a lower deductible. Many experts recommend setting a deductible that you can realistically afford in the event of an accident.

Ask your insurance agency for policy quotes with both high and low deductibles. This will help you determine if raising your deductible is worthwhile and allow you to choose the policy that best fits your financial situation.

It is also a good idea to learn about your insurer’s policy regarding deductible changes. Many insurers allow clients to adjust their deductible at any time, making it easier to adapt your policy to meet changing needs. However, please note that policy changes may take some time to take effect. This is especially important if you are considering lowering your deductible before a long or potentially risky trip.

Need More Information? Stewart Agency Inc. Can Help

Stewart Agency Inc. offers a variety of auto insurance policies for drivers in and around Elmira, NY. We can assist you in reviewing different policy options, setting an ideal deductible for your new policy, and more. Contact us today to learn more about our offerings or to request price quotes.